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Find the value of a bond maturing in 44 years, with a $1000 par value and a coupon interest rate of 13% (6.5% paid semiannually)

Find the value of a bond maturing in 44 years, with a $1000 par value and a coupon interest rate of 13% (6.5% paid semiannually) if the required return on similar-risk bonds is 15% annual interest (7.5% paid semiannually). The present value of the bond is _____.

(Round to the nearest cent.)

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